What defines a corporation?
A corporation is a business entity that is owned by its shareholder(s), who elect a board of directors to oversee the organization’s activities. The corporation is liable for the actions and finances of the business – the shareholders are not.
What is a corporation in economics quizlet?
corporation. a business owned by stock holders who own the rights to the company’s profits but face limited liability for the company’s debts and losses. stock. a share of ownership in a corporation.
What is a corporation history quizlet?
5.0. 1 Review. Corporation. Business that is owned by investors that purchase shares of that company.
Is a corporation a group?
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law “born out of statute”; a legal person in legal context) and recognized as such in law for certain purposes.
What is a corporation in business law?
Corporation Defined. – A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence.
What are the main characteristics of a corporation?
Characteristics of a Corporation
- Unlimited life.
- Limited liability.
- Separate legal entity.
- Relative ease of transferring ownership rights.
- Professional management.
- Ease of capital acquisition.
- Government regulations.
What’s an example of a corporation?
Apple Inc., Walmart Inc., and Microsoft Corporation are all examples of corporations.
What is a cooperative economics quizlet?
a business organization owned and operated by a group of individuals for their shared benefit.
What is a corporation US history?
corporation, specific legal form of organization of persons and material resources, chartered by the state, for the purpose of conducting business.
What can a corporation do?
A corporation, sometimes called a C corp, is a legal entity that’s separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures.
Who owns a corporation?
The owners of a corporation are shareholders (also known as stockholders) who obtain interest in the business by purchasing shares of stock. Shareholders elect a board of directors, who are responsible for managing the corporation.
What do corporations do?
A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.